As you can see there appears to be a small downward sloping line of resistance outlined in red on my chart that has kept Bitcoin down since late last month.
Obviously the price is down overall but this red line in specific appears to have presented a possible trade setup.
As always, BTC will need to break out of it and confirm before any longs are taken but if it does confirm, a retest of $35000 seems in order.
If there is a rejection, $33700 will then be key as a support level. If 33700 breaks, then a restest of the lower level of support at 32k will be likely which would also put bitcoin in danger of confirming a possible bearish descending triangle pattern, which would be very bad for the bulls.
All in all Bitcoin still has much work to do from a bullish standpoint but the breaking of supply lines regardless of how small are always major steps.
Keep an eye on this going into the close tomorrow on Sunday.
Obviously the price is down overall but this red line in specific appears to have presented a possible trade setup.
As always, BTC will need to break out of it and confirm before any longs are taken but if it does confirm, a retest of $35000 seems in order.
If there is a rejection, $33700 will then be key as a support level. If 33700 breaks, then a restest of the lower level of support at 32k will be likely which would also put bitcoin in danger of confirming a possible bearish descending triangle pattern, which would be very bad for the bulls.
All in all Bitcoin still has much work to do from a bullish standpoint but the breaking of supply lines regardless of how small are always major steps.
Keep an eye on this going into the close tomorrow on Sunday.
